Point in time view as at 01/04/2010.
Corporation Tax Act 2010, Cross Heading: Securities issued otherwise than for new consideration is up to date with all changes known to be in force on or before 16 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Subsection (2) applies if—
(a)a company issues a security, and
(b)the issue is partly (but not wholly) for new consideration.
(2)The part (if any) of the security that is properly referable to the new consideration does not fall within paragraph D in section 1000(1).
(3)In determining, for the purposes of paragraph D in section 1000(1), the amount of the distribution constituted by the issue of any security, the value of the security is taken to be the amount of the principal secured, including any premium payable—
(a)at maturity,
(b)in a winding up, or
(c)in any other circumstances.
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